Price Analysis

Bitcoin (BTC) Price Gears Up for a Thriving Upswing Despite the Current Pullback!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 12, 2022

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Article Highlights
  • Bitcoin price has plunged again below $20,000 displaying a huge tendency to continue dropping towards the yearly lows

  • The selling pressure is expected to break very soon that may induce a catapult action beyond $25,000 very soon

Bitcoin price in recent times appears to be somewhat bearish as the asset is unable to clear the $21,000 resistance levels and faces a rejection each time. Additionally, the current month is expected to be extremely crucial as the CPI rates, interest rates and inflation rates are expected to be released in a short while. Therefore, a slight rise in any of these rates is expected to slaughter BTC’s price ahead. 

However, amidst the bearish market, the BTC price does carry a decent possibility of rebounding beyond $25,000. According to a popular analyst, as the asset reaches just above the demand zone, a significant upswing may raise the price beyond $26,000, slicing through all the major resistance levels. 

Source: CredibleCrypto

The BTC price faced rejection from the levels just above $21,500 and smashed the levels close to $20,000 in no time. However, the price appears to be on its path toward lower support at INR 19,700. This may be when the asset may ignite a strong rebound as per the analyst and form a wave pattern, the asset could initially achieve levels above $27,000 and after undergoing a slight pullback may rise close to $30,000. 

Collectively, the Bitcoin price currently appears to be in an important phase where-in a strong pullback may attract strong hands. This could induce a significant bullish momentum to propel high while the upper target presently appears misty above $22,400. However, if the bulls regain dominance, then the BTC price could eventually climb high as predicted by the analyst, but sometime before the end of 2022. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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